Sharplink — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 24% year-over-year to $13.5 million for the three months ended September 30, 2026, compared to $10.8 million in the prior-year quarter.
• Staking revenue grew 27% to $13.1 million from $10.3 million in the prior-year quarter.
• Selling, general, and administrative (SG&A) expenses decreased 8% to $11.0 million, down from $12.0 million in the prior-year quarter.
• Net income increased to $751.4 million, or $3.45 per diluted share, compared to net income of $104.3 million, or $0.62 per diluted share, in the prior-year quarter.
• The increase in net income was driven principally by unrealized and realized gains on crypto assets.
• Unrealized gains totaled $676.7 million, primarily reflecting ETH market conditions in the third quarter of 2026.
• Net realized gains totaled $75.2 million, primarily related to ETH treasury activities, including liquid staking transactions.
• Cash and cash equivalents totaled $47.9 million as of September 30, 2026, compared to $28.5 million as of December 31, 2025.
• Crypto assets totaled approximately $2.1 billion as of September 30, 2026, valued in accordance with U.S. GAAP.
• For the nine months ended September 30, 2026, total revenue was $37.0 million compared to $12.3 million in the prior-year period.
• For the nine months ended September 30, 2026, the company reported a net loss of $328.4 million, compared to a net loss of $127 thousand in the prior-year period.

Business Segments and Product Lines:

• Sharplink completed a $200 million Lido staking allocation on September 28, 2026, receiving wrapped staked ETH (wstETH) to generate protocol staking rewards and access additional onchain opportunities.
• The Galaxy Sharplink Onchain Yield Fund, launched in August 2026 with $125 million in initial commitments ($100 million from Sharplink and $25 million from Galaxy Digital), began deploying capital into select onchain opportunities in Q3.
• The company made a strategic equity investment in Blockspace, an Ethereum infrastructure company focused on validation and staking infrastructure.
• Sharplink's ETH holdings totaled approximately 892,708 ETH as of September 30, 2026, and 895,117 ETH as of November 2, 2026.
• As of September 30, 2026, total ETH holdings comprised 602,361 native ETH, 135,516 ETH as-if redeemed from LsETH, 73,334 ETH as-if redeemed from weETH, and 81,497 ETH as-if-redeemed from wstETH.

Management Commentary and Tone:

• CEO Joseph Chalom stated that the strong third-quarter performance reflects progress in executing the Ethereum treasury strategy and strengthening the institutional-grade treasury platform.
• Chalom emphasized a focus on maximizing the productivity of ETH holdings, maintaining a disciplined approach to capital allocation, and supporting the broader Ethereum ecosystem.
• Chalom noted that the company views ETH as a productive operating asset rather than simply holding it for appreciation, citing permanent capital as an enabler for longer-duration treasury deployments.
• Chairman Joseph Lubin highlighted Ethereum's evolution into foundational infrastructure for global finance, citing accelerating institutional adoption and advancements in underlying technology.
• Lubin pointed to JPMorgan's expansion of its institutional deposit token to Ethereum mainnet and the growing tokenization of financial assets as evidence of Ethereum's expanding role.

Other Key Points:

• The company reported that unrealized gains reflect changes in the fair value of ETH holdings and do not represent cash proceeds or a change in the number of ETH and ETH-equivalent tokens held.
• Under U.S. GAAP, impairment charges reduce the carrying value of LsETH, weETH, and wstETH and are not reversed for subsequent market recoveries.
• The company's conference call for Q3 2026 results was held on November 9, 2026, at 8:30 AM ET.
• A telephonic replay of the conference call was available through November 23, 2026.
• The press release includes forward-looking statements regarding the company's strategy, staking activities, and investment in the Fund, noting that actual results could differ materially due to factors including ETH price volatility and regulatory changes.